Elastic Line of Credit

Elastic Line of Credit

in Personal Lines of Credit from Elevate Credit


Elastic Line of Credit


in Personal Lines of Credit from Elevate Credit

SuperMoney Net Recommendation Score -31%



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Mostly not recommended

42 users recommend
14 users are unsure
87 users don't recommend
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Community Rating Mostly not recommended
Loan Amount $500 - $4,500
APR  (Fee-Based Product) Starting at 137%
Number of Reviews 143

Elastic Line of Credit Review

Elastic Line of Credit is offered by Elevate Credit, a direct lender founded in 2014 and based in Ft. Worth, TX. It is made possible by a bank partnership with Republic Bank & Trust Company. Elastic Line of Credit is available in 39 states (and Washington, DC).

Elastic Line of Credit FAQ

What APRs does Elastic Line of Credit offer?

Elastic Line of Credit offers a fee-based product that ranges from 137% APR.

Unlike most credit lines, which typically charge a simple daily interest rate, Elastic Line of Credit does not have a periodic interest rate. Instead, Elastic Line of Credit charges a fee when you take a cash advance, plus a fee each payment period based on your ending principal balance (inclusive of the cash advance fees). Depending on the amount borrowed and how long you take to repay, the estimated APR ranges from 137% APR.

Does Elastic Line of Credit charge an origination fee?

No, Elastic Line of Credit does not charge an origination fee.

An origination fee is what some lenders charge for processing, underwriting, and funding a line of credit. These fees can range from 0.5% to 5% of the line of credit amount. Whenever possible, go with lenders that don’t charge origination fees.

Does Elastic Line of Credit charge a cash advance fee?

Yes, Elastic Line of Credit may charge a fee of 5% to 10% of the amount of each cash advance.

Does Elastic Line of Credit charge a late fee?

No, Elastic Line of Credit will not charge you a late fee.

How much can you borrow via Elastic Line of Credit?

Upon approval and based on your credit worthiness, your Elastic Line of Credit personal line of credit will be assigned a credit line of at least $500 and as much as $4,500. .

Elastic Line of Credit Fees
Cash Advance Fee 5% - 10%
Origination Fee N/A
Prepayment Fee? No
Late Payment Fee N/A

What do you need to qualify for Elastic Line of Credit?

Elastic Line of Credit does not require or does not disclose a credit score minimum. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

Elastic Line of Credit does not have or does not disclose a minimum annual income eligibility requirement. Elastic Line of Credit only considers borrowers who are employed.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. APRs for the Elastic Line of Credit product fall outside of the MLA limits and as a result the product cannot be issued to these applicants. Active duty service members and their covered dependents are considered “covered borrowers" under the Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by Elastic Line of Credit. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

  • Applicants must have an active and valid personal checking account
  • Proof of identity
  • Proof of citizenship or residence permit
  • Proof of residence

What is the estimated funding time for a personal line of credit via Elastic Line of Credit?

Elastic Line of Credit will typically provide a credit approval decision in less than an hour and fund the line of credit within 1 business day.

Does Elastic Line of Credit report your account activity to credit bureaus?

Elastic Line of Credit reports your account activity to the following credit reporting agencies:

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and can help improve your credit.

How to apply for Elastic Line of Credit

  • Visit the Elevate Credit website.
  • Fill in the application form. You will typically need to provide general financial information, such as your Social Security Number, address, annual income, and source of employment.
  • Check the information is accurate and submit your application.
Elastic Line of Credit Disclosure: The Elastic line of credit is offered by Republic Bank & Trust Company, member FDIC. Cash Advances requested and approved by 6:00 p.m. ET (3:00 p.m. PT) are typically funded the next business day if you elect to receive your Cash Advance by direct deposit. Each Cash Advance from the Elastic line of credit is subject to a 5% or 10% Cash Advance Fee depending on your billing cycle. A portion of your principal is due each billing cycle, and if you have an ongoing balance, a Minimum Charge of $0.00 to $270.00 will apply. Consult the Elastic Credit Agreement and Terms and Conditions for additional information. Elastic is an expensive form of credit and should not be used as a long term solution. You may be eligible for an Elastic Account if you meet and maintain certain criteria established by us, which may change at our discretion. As of the effective date of these Terms & Conditions, the eligibility criteria are as follows: You are not a Covered Borrower under the Military Lending Act (32 C.F.R. § 232) at the time of application; You are at least 18 years old (or at least 19 years old if you are a resident of Alabama or Nebraska); You reside in a state in which we offer Elastic; You have a regular source of income or benefits; You have at application and maintain a valid Checking Account; You make payments using one of the payment options described in the Terms & Conditions; You provide a valid e-mail address and consent to receive electronic disclosures; You meet our credit underwriting standards; and You agree to and are not in default of the Terms & Conditions. Your Elastic Account is established upon approval and verification of the information in your Application.
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  • Headquarters
  •   4150 International Plaza
    Suite 300
    Ft. Worth, TX 76109 USA
  •   Visit Site

Other Services by Elevate Credit

Message From Elevate Credit

Elastic is the easy way to access money when you need it. Once your Elastic Account is open and activated, you can access money whenever the need arises. With Elastic, you request Cash Advances online. As you repay your Balance, you can request additional Cash Advances up to your Credit Limit.


  Available in 39 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Delaware
  • Washington, DC
  • Florida
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Mexico
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Washington
  • Wisconsin
  • Wyoming

Feature Breakdown

Minimum Payment $0
No Origination Fee  
No Prepayment Fee  
Cash Advance Fee (%) 5% - 10%
No Late Fees  
Outstanding Balance Fee $5 - $175
Checking Account Required  
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Retired
  • Self-Employed
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Joint Loan Applications Accepted Individual Applications
Military Status
  • Non-Military
  • Veterans
Minimum Age 18
Supported Income Types
  • 1099 Misc. Income
  • Cash
  • Direct Deposit (W2, SSA, SSDI)
  • Payroll Check or Prepaid Card
  • Tax Returns
Verification Documents Required
  • Proof of Identity
  • Proof of Residence
  • Proof of citizenship/residence (Green Card)
Approval Speed 0 hours
Credit Bureau Reporting Clarity Services
Customizable Payment Dates  
Funding Time Range 1 day
Payment Options
  • Automatic Payments
  • Check by mail
  • Credit/Debit Card
APR (Fee-Based Product) Starting at 137%
Loan Amount $500 - $4,500

Elastic Line of Credit Community Reviews


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